Opportunity of a Lifetime
Comparatively Speaking
Possibilities Are Endless
Equilibrium of Knowledge
We Supply It,
You Demand It
You Demand It
100
Each team gets one shot. Keep your reasoning short.
You get 5x the points if you make the best argument.
Who is the best superhero?
Obviously it's Spider-Man though right?
100
This is when a country can make more of a product than another country.
What is absolute advantage?
100
The four categorical situations that lead to an increase or decrease in the PPC...
Change in...
Quantity or Quality of the resource
Technology
Investment Spending
Policies
100
These are the four factors of production.
What are land, labor, capital, and entrepreneurship?
100
What happens when quantity demanded is less than quantity supplied because price is too high.
What is a surplus?
200
When there is unlimited wants and limited resources to meet those wants.
What is scarcity?
200
This can be determined once you know which country has comparative advantage, and the countries are going to specialize and trade.
What are the Terms of Trade?
200
This is a point outside of the current PPC.
What is unattainable?
200
A change in price would not have an effect on demand but instead this...
What is quantity demanded?
200
(Supply or Demand)
A new report comes out saying that salmon is the healthiest fish you can eat.
What changes and which way?
Demand. Increases / Shifts Right.
300
This is what you give up when you make a decision.
What is Opportunity Cost?
300
Japanese laborers work 4 hours to make one computer or 2 hours to make one tv.
Chinese laborers work 2 hours to make one computer or 2 hour to make one TV.
Who has the comparative advantage in TVs?
Japan (per unit opp. cost of 1/2)
(input problem)
300
The PPC shifting to the right shows this.
What is economic growth?
300
The idea that the more you buy of something the less satisfaction you get and is why the demand curve is downward sloping.
Law of diminishing marginal utility
300
This would happen to the supply and demand of pizza...
if there was a new Tik Tok trend using pizza and at the same time there was an drastic tomato shortage.
Demand increase
Supply decrease
400
It's the pandemic and you've run out to buy a bunch of toilet paper... all the toilet paper...but so has everyone else...
The quantity demanded exceeds the quantity supplied.
What is this called?
A shortage!
400
The country that has the comparative advantage in planes is?
United States (per unit opp. cost of 1/6)
(output problem)
400
These are the shifters of demand.
What are preferences, related goods, income, expectations, and number of buyers?
400
In order for this intervention to be effective it needs to be placed below equilibrium.
What is a price ceiling?
400
In the market of pizza, what happens to price and quantity when...
a newspaper publishes that eating four slices of pizza a day increases intelligence while at the same time that there are more productive pizza ovens on operating in businesses.
Quantity increases
Price is indeterminate
500
A farmer has a plot of land that he can use to cultivate either corn or wheat. If he allocates the entire land to corn, he can produce 500 bushels of corn. If he allocates the entire land to wheat, he can produce 200 bushels of wheat. What is the opportunity cost of producing 1 bushel of corn instead of 1 bushel of wheat?
(The answer cannot be in fraction form and must have units)
1 corn costs 200/500 = 2/5 = 0.4 bushels of wheat
500
This is the amount of planes that should be traded for one cruise ship, after specialization, and for a mutual benefit.
What is 7, 8, or 9?
Any number between 6-10 (but not 6 or 10)
500
First to draw a fully labeled PPC that shows the increasing tradeoff between capital and consumer goods and then labels the points A (efficient), B (inefficient), & C (unattainable).
Did you graph it correctly?
500
First to draw a fully labeled Supply & Demand Curve for Oranges, at the equilibrium price of $3, and then show the change when the government has instituted a price floor at $4 to assist farmers in their poor crop season. Finally, tell me if we have a shortage or surplus?
line above equilibrium, going across, at $4.
Leads to a surplus.
Did you label all of the graph AND the numerical?
500
First to draw a fully labeled Supply & Demand Curve for kittens that shows what happens when the price of a puppies (a substitute) decreases.
Demand for kittens decreases/shifts left.
Graph must be fully labeled.